Hello,My partner is planning on selling her condo, however, I am in the midst of purchasing my first property and we plan on living together.

I am sure some of that is analysis paralysis but when it's your first, if I lose money on it, will set me back quite a bit on my planned timeline.

Our plan would be to have the seller evict them, take out a short term loan to remodel the first side quickly and live in the 2nd side for a year all the while slowly remodeling the 2nd side as well. 

The plan is working, but it has only been 3 years.

I am planning of making it a medium or long term rental.

The seller needs moving money, there are oftentimes an arrears that has to be paid on the loan, there are oftentimes HOA fees that are due, there are title costs, there are escrow costs, usually there is deferred maintenance, you have to make mortgage payments out of pocket until you get a renter in there, you have to pay utilities and taxes, and you need reserves in case it all doesn't go as planned.3.

Yes correct, on all of that  Rehab I can do it all built houses all my life,Work for a sewer excavation company currently   sewer mainline needs fixed if I want to flip it $7,000Roof I would redo ($4500) has metal on it now but looks original Vinyl windows ($1500)I haven’t seen inside of it yet, but renters been there 15 years so kitchen remodel $10kAnd then possibly bathroom and flooring.

How did you determine the ARV for the property…in other words…what you plan to sell it for?

Now for planning purposes I spread the sizes of properties I have in this market.

As I get more confident in my real estate knowledge I plan to actively learn by going to real estate meet-ups and meeting up with some local investors.